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Umbrella Insurance

Umbrella Insurance Policies

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Each type of insurance policy has maximum levels of coverage that it provides. Whether you have a car, boat, recreational vehicle, motorcycle or boat policy, there is only a certain amount of coverage that is available.

There are some instances in which you need coverage that exceeds the maximum levels of your insurance policy. Umbrella insurance provides the additional liability coverage amounts that you need if your original policy limits get maxed out.

A policy usually exceeds maximum amount of coverage do to a gross negligent act on the part of the insured party. If these gross negligent acts result in law suits or large medical bills, umbrella insurance will become operative.

Coverage includes:

  • Property damage liability caused by the insured or your dog.
  • Bodily injury from serious auto accidents, dog attacks and guest getting injured on your property.
  • Lawsuits resulting from slander, libel, detention, false arrest and imprisonment.
  • Landlord liabilities such as guests and tenants being injured on your property.

Common policy exclusions include:

  • Damages caused by businesses or professional endeavors.
  • Contract or agreement liabilities.
  • Aircraft maintenance and ownership liabilities.
  • Airbus or jet ski maintenance and ownership liabilities.
  • Recreational vehicle maintenance and ownership liabilities.
  • Any damage caused by a Workman's Compensation policy.
  • Liability caused by insurrection or war.

Deciding whether to purchase umbrella coverage is a personal decision that is affected by several factors. The most important factor is the value of your current and future assets. Another factor that can make purchasing an umbrella policy necessary are your involvement in activities that put you at increased risk for liability.

You can talk to a trusted professional about the benefits of getting an umbrella policy for your specific situation. However, only you can decide whether an umbrella policy is right for you.

If you are considering an umbrella policy, the cost of obtaining it may not be expensive as you imagine. On average, an additional million dollars in coverage can cost $380 per year. An umbrella policy may just be the protection you need.

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